5 ms·

I assume you're thinking of blockchain tech? How do you think the genie will be put back in the bottle?

Pfhreak 5y ago
BTC has value because people exchange it for "real" money. If BTC is heavily regulated or outlawed, a whole lot of folks are going to duck out. It's one thing to try and get in on the ground floor of the latest meme stock, it's another thing to buy into a currency/practice that's illegal in your country. Add onto that making it illegal to pay ransoms in BTC, then there's really no value in using it as a ransomeware currency. No one is buying it so all you are getting are some random digits on a piece of paper.
magnusss 5y ago
The US and other government wills outlaw all cryptocurrencies but the ones that they control (“Govcoin,” as The Economist refers to them). Game over.
- cracker_jacks 5y ago
  You're assuming the US and other government are not using cryptocurrencies for their own covert transactions.
  - rcMgD2BwE72F 5y ago
    So what? Many governments have nuclear weapons arsenals but they don't make it legal for everyone to buy or manufacture atomic bombs.
    - kingsuper20 5y ago
      I would expect that the drug production and export business is a more apt analogy.
- logicchains 5y ago
  >The US and other government wills outlaw all cryptocurrencies but the ones that they control (“Govcoin,” as The Economist refers to them). Game over. Just like how outlawing drugs ended the drug trade.
  - jacksonkmarley 5y ago
    Outlawing a thing except for when the govt controls it is just another way of saying governement regulation. Which is both common and successful. When was the last time you drank bootleg liquor? Answer: I don't know of course, but for most people in rich western countries I would think the answer is never.
    - d110af5ccf 5y ago
      It's a good point but that's a particularly bad analogy. Brewing and distilling are strongly culturally ingrained, at least in the west. I live in a state where (last I checked) no legal method exists to distill ethanol for personal use. Nonetheless, a surprising number of acquaintances over the years have had stills and offered me samples.
      - jacksonkmarley 5y ago
        Do you think your local circumstances are broadly generalisable? I would be surprised.
        d110af5ccf 5y ago
        In the US, honestly, yes. I've had the same experience in two different states at this point and friends who relocated from other places have reported similar. I mean, you can literally order a small still that you use on your stove top from Amazon! I think it just depends on the sort of people you choose to spend time with.
        jacksonkmarley 5y ago
cheese_van 5y ago
Blockchain has many uses, including as a record of transaction. Crypto currencies are merely a subset of what might be available using blockchain. Legislation can certainly target that subset.

BTC has value because people exchange it for "real" money. If BTC is heavily regulated or outlawed, a whole lot of folks are going to duck out. It's one thing to try and get in on the ground floor of the latest meme stock, it's another thing to buy into a currency/practice that's illegal in your country. Add onto that making it illegal to pay ransoms in BTC, then there's really no value in using it as a ransomeware currency. No one is buying it so all you are getting are some random digits on a piece of paper.

magnusss 5y ago

The US and other government wills outlaw all cryptocurrencies but the ones that they control (“Govcoin,” as The Economist refers to them). Game over.

cracker_jacks 5y ago
You're assuming the US and other government are not using cryptocurrencies for their own covert transactions.
- rcMgD2BwE72F 5y ago
  So what? Many governments have nuclear weapons arsenals but they don't make it legal for everyone to buy or manufacture atomic bombs.
  - kingsuper20 5y ago
    I would expect that the drug production and export business is a more apt analogy.
logicchains 5y ago
>The US and other government wills outlaw all cryptocurrencies but the ones that they control (“Govcoin,” as The Economist refers to them). Game over. Just like how outlawing drugs ended the drug trade.
- jacksonkmarley 5y ago
  Outlawing a thing except for when the govt controls it is just another way of saying governement regulation. Which is both common and successful. When was the last time you drank bootleg liquor? Answer: I don't know of course, but for most people in rich western countries I would think the answer is never.
  - d110af5ccf 5y ago
    It's a good point but that's a particularly bad analogy. Brewing and distilling are strongly culturally ingrained, at least in the west. I live in a state where (last I checked) no legal method exists to distill ethanol for personal use. Nonetheless, a surprising number of acquaintances over the years have had stills and offered me samples.
    - jacksonkmarley 5y ago
      Do you think your local circumstances are broadly generalisable? I would be surprised.
      - d110af5ccf 5y ago
        In the US, honestly, yes. I've had the same experience in two different states at this point and friends who relocated from other places have reported similar. I mean, you can literally order a small still that you use on your stove top from Amazon! I think it just depends on the sort of people you choose to spend time with.
        jacksonkmarley 5y ago

cheese_van 5y ago

Blockchain has many uses, including as a record of transaction. Crypto currencies are merely a subset of what might be available using blockchain. Legislation can certainly target that subset.